How Machine Learning is Taking Identity Proofing Solutions to a Whole New Level

Artificial Intelligence (AI) enables computers to make human-like decisions, creating efficiencies that were previously unachievable. AI powers everyday technologies such as search engines, self-driving cars, and facial recognition apps. This technology is also leveraged for consumer identity access and management to protect consumers and businesses against fraud.

The Growth of ID-based Transactions

Banking, healthcare, government and many other industries employ ID verification and authentication to get accurate information about their customers and prevent ID fraud. As fraudulent transactions continue to rise, the need for a strong, customer-friendly identity proofing solution becomes critical.

Artificial Intelligence, and its subsets of machine learning and deep learning, make it possible to accurately process, verify, and authenticate identities at scale. Machine learning enables solutions to continually improve by learning from their data collection mechanism. This, in turn, informs the operation and performance of the software. For an in-depth look at machine learning and how it applies to your industry, read our latest white paper: Beyond Machine Learning.

Machine Learning for ID Proofing

Machine learning is an extremely efficient tool for discerning between real and fraudulent IDs. Computer software that is constantly learning and correcting itself can process millions of transactions at a rate unachievable by human experts.

However, IDs are physical documents that endure wear and tear, and may feature manufacturing discrepancies. If the model for passing or failing IDs is based on only a few samples, many real IDs will fail the test. This is where human oversight comes into play.

Machines and Humans Working Together for Highest Accuracy

Trained professionals using the software can step in to prevent bad customer experiences when the software flags a legitimate ID because it is damaged or worn.

During the rare instances where the computer fails to identify what is wrong with an ID, the professional can apply their expert eye, determine what error occurred and teach the computer how to spot the issue in the future. This creates a different method of learning where new information is being input to the learning model so the model can improve.

The benefits of machine learning combined with human expertise is the current standard in identity proofing solutions. Businesses want to be able to approve all good customers from the start with no friction. A good ID verification solution will do just that. In addition, when looking for a provider, businesses need to consider scope of expertise. Providers experienced in ID-based transactions across multiple industries help to ensure machines will have a model that has encountered multiple scenarios for failing or passing an ID.

Conclusion

Artificial Intelligence increases customer security and prevents fraud. Identity proofing providers are a trusted source to collect evidence of fraud, and through machine learning, that evidence can be analyzed and applied continuously to ensure higher accuracy.

Acuant is among the world leaders in applying machine learning to identity proofing solutions. Over the past 20 years, Acuant has accumulated the industry’s largest identity document library with government-issued ID documents and passports from over 190 countries. Acuant technology also has the ability to read characters in almost any language to ensure business are providing the most customer-friendly experience to instantly approve more good customers.

To join Acuant’s group of industry-leading partners, talk to an ID Solutions Specialist today.

 

Beyond Machine Learning

Stranger Danger: Why You Should Care About Verifying Identities in the Age of the Sharing Economy

The Sharing Economy, which in broad terms is defined as an economic system in which assets or services are shared between individuals via the internet and especially mobile apps, has become a major way in which Millennials transact. This includes conducting transactions for business, travel, on-demand services and virtually all lifestyle-type offerings for goods and services. According to Pew Research, about 72% of Americans have tried at least one platform or service.

While the rise of sharing economy apps appears to have made many luxury services and chores more convenient and accessible, there is the question of security. Not every app emphasizes security and privacy. Many use social media as a way to verify users. These are merely connected to a Facebook or other social profile, which can be easily faked. Then there is the question of employee verification. With so many services that allow users to invite providers into their private homes, a private car or a private location – one has to ask the question, how is my safety being addressed? We need only refer to Uber to see how instances of assaults by drivers and passengers have made customers, especially women, warier of these services. And we have all heard a crazy story about an Airbnb person who would not leave or destroyed the house. Wouldn’t it bring some peace of mind to know your driver, houseguest, online date, make-up artist etc., has been verified and that you know this before they enter your life?

Seeing a picture and name of your driver or delivery person does not mean necessarily that this person has been verified. Not every sharing economy platform conducts background checks and only in the last few years has ID verification become more of a concern to even the major platforms like the aforementioned Uber who now continuously verifies driver identities.

It is important for businesses to continually update their security by verifying IDs and conducting background checks. In addition, educating customers about best practices will also help to protect privacy and prevent a negative experience.

While companies catch up on their security standards, here are some tips for customers using apps and services:

  1. Learn to Spot Fake Reviews

Don’t be fooled by stellar reviews. If there are only a handful of 5-star reviews, these could have been written by personal friends. Pick someone with hundreds of good reviews and be assured that this provider is giving a consistent, positive experience.

  1. Research Company Methods of ID Verification the Background Checks

Before using any service, do some research about what kind of identity verification they use for employees and users, as well as if background checks are conducted, general policies, and whether there are outstanding lawsuits against the company. Checks such as sex offender registries, DMV records, or taking social security number information are some basic tests of a trusted service.

  1. Change your Profile Pictures

As Sharing Economy platforms become more popular, they often become targets of ID theft and confidence schemes. A good way to avoid being conned is to use a new photo not attached to any other platform that might contain personal information such as LinkedIn or even Facebook.

  1. Think Before You Speak

Don’t talk to strangers about your plans. A handyman, housekeeper, or driver from an app doesn’t need to know where you’re going or how long you’ll be away. In addition, it might be a good idea to let close friends or family know whenever you are on the road, in someone else’s home, or have someone in your own home.

 

Sharing economy platforms and services must do more to protect customer privacy and security. Verifying IDs is a crucial step in establishing trust between customers and providers. Acuant’s ID Proofing Solutions allow businesses to capture accurate ID data, ensure IDs are valid and verify identities in seconds for secure mobile transactions.

Download our idScanGo mobile app in the app store for iOS and Android to see the process in action with your own ID and insurance card.

 

 

idscango trial

Acuant Reports YOY Revenue and Profitability at Record Highs Since AssureTec Acquisition

SaaS revenue grows more than 90%, led by Machine Learning Powered ID Verification Product Offerings

LOS ANGELESSept. 12, 2017 /PRNewswire/ — Acuant, a leading provider of data capture and ID authentication solutions, announced record revenue and profitability, powering more than one billion partner transactions worldwide since its acquisition of AssureTec in June 2016, monthly processing ID’s from all 50 US States, all Canadian Provinces and from 196 countries. SaaS revenue increased in excess of 90% this past year, which has helped achieve almost a doubling of its respective percent of overall business.

“Post a successful integration of AssureTec, we continue to focus on empowering businesses and consumers in today’s digital economy to transact with trust, and together with our growing base of partners to introduce faster, more secure and more user-friendly identity verification solutions,” said Yossi Zekri, CEO of Acuant.

With three intelligent engineering centers located in CaliforniaNew Hampshire and Israel, Acuant offers flexible and scalable solutions for image processing and authentication on cloud and mobile platforms. Adding FRM, biometric facial recognition match with image spoofing detection, and DocX, real time manual identity document review, to further expand its AssureID product continuum, Acuant provides the highest level of accuracy for identity proofing that allows businesses to validate more good customers, creating trust and loyalty, while preventing fraudulent transactions. In today’s world of prevalent data breaches, Acuant offers ID verification products that allow institutions to establish trusted identities without needing to access compromised data and without hassle to customers.

Powered by machine learning, AssureID is approaching 150 million transactions annually and is positioned to grow that number aggressively with mobile, cloud and on-premise solutions, while AcuFill, the company’s extraction and data fill product line, is closing in on 40 million transactions every month.

Since the acquisition, Acuant’s core authentication business has grown to include 20 large government deployments and they have added more than 50 partners which range from large systems integrators to spot solutions designed for industries such as financial services, healthcare and the sharing economy.

Stephen Maloney, Acuant’s EVP Business Development and Strategy, states, “Moving forward, our product continuum will further embrace the convergence of physical and digital identity especially as it relates to identity proofing, and continue to transform our industry.”

About Acuant

Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

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PR Contact:
Mike Gallo
Lumina Communications for Acuant Corp
212-239-8594
acuant@luminapr.com

 

 

 

 

 

 

 

 

 

 

Acuant Powers Peer-to-Peer Sharing Platform Boro with ID Verification, Authentication

Acuant’s Identity Solutions Power Innovation, Disruption in the Sharing Economy

Acuant, a leading provider of data capture and identity verification software globally, today announced a partnership with Boro Technologies Corporation (Boro), a peer-to-peer sharing platform that enables users to rent power tools and other popular home items from peers in local communities throughout North America.

Boro offers its customers low rental prices for high cost items by leveraging a peer-to-peer sharing model, reducing transaction and overhead costs compared with traditional rental arrangements. For owners, Boro creates an immediate opportunity to generate income for unused or lightly used assets, while leveraging a flexible work schedule. For renters, Boro offers a convenient and user-friendly platform that provides the popular items they need at a fraction of the cost of ownership.

In a recent survey of 1,000 individuals ages 18-26, Boro found that 72% of respondents expect to participate in the sharing economy in the next two years; 86% say it makes “life more affordable”; and 89% agree it is based on “trust between providers and users.”

Boro will leverage Acuant’s AssureID™ solution to efficiently register and validate the identity of users on its platform. AssureID provides secure and frictionless transactions for Boro customers by extracting the data from IDs, such as driver’s licenses, and authenticating it in one easy step. Users can register on Apple and Android devices and capture their IDs to be accepted as Boro members.

“We are committed to providing a safe environment and an outstanding user experience for our customers,” said Arvin Bhangu, CEO of Boro. “Acuant, a trusted market leader in identify authentication, helps us build a community of trust with our customers as we launch our platform throughout North America.”

Steve Maloney, EVP Business Development & Strategy of Acuant, further states, “Given the fast growth of the sharing economy, Acuant has recognized and met the need for user friendly mobile ID verification with several offerings and is pleased to have been chosen to help Boro grow their customer base.”

About Boro
Boro changes the way you access the things you need. This unique service is packed with amazing products to use whenever you need – from tools you need to start a home project to drones that you can fly on your time off. Book private products from others around you or list your own. Boro is fun, fast and secure.

About Acuant
Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

Follow Acuant

Twitter: https://twitter.com/acuantcorp
Blog: http://www.acuantcorp.com/blog/
LinkedIn: https://www.linkedin.com/company/acuant
Facebook: https://www.facebook.com/acuantcorp/

PR Contact:
Mike Gallo
Lumina Communications for Acuant Corp
212-239-8594
acuant@luminapr.com

 

 

 

Acuant Improves Updates to Industry’s Largest Identity Document Library and Enhances Image Spoofing Detection

With More than 1 Billion Trusted Transactions Worldwide, Acuant Continues to Lead in Identity Proofing

Los Angeles, CA, June 28, 2017Acuant, a leading provider of data capture and identity verification software globally, today announced significant enhancements to its AssureID™ and mobile products, including faster updates to the industry’s largest identity document library and new image tampering detection technology. In response to customer demand, Acuant has also added an optional data storage feature and introduced support for Xamarin SDK, as well as, MySQL.

AssureID now provides a more efficient process for customers to access Acuant’s industry leading identity document library which is continuously updated with the latest version of IDs. As a result, customers utilizing Acuant’s library via local and cloud solutions do not have to wait for updates when new IDs, such a state driver’s license, are introduced. Previously the installation of new software meant a lengthy testing cycle for businesses, especially if frequent software updates were required. AssureID has now separated the document library from the software installation making it as easy as uploading a new file to be up to date. This enhancement allows customer facing web sites and mobile apps to maintain the highest stability and availability.

Acuant is also addressing the growing problem of image spoofing. Fraudsters are using tampered images for biometric facial recognition processes where digital images are used for verification of insurance, licensing, or proof of identity in consumer-not-present transactions. Acuant FRM’s new photo tampering detection technology will not approve illegitimate images, allowing for more valid transactions and preventing fraud.

“In today’s market, transaction delays mean losing customers,” said Yossi Zekri, CEO of Acuant. “We are constantly working to improve the speed and accuracy of our identity proofing solutions to allow for a frictionless experience while offering the highest level of authentication to protect against fraudulent transactions.”

Beyond easy integration, Acuant provides multiple deployment options to match any company’s specific needs and use cases.  Recent additions include extending product support to include a Xamarin SDK for mobile solutions. This allows companies to deliver native iOS, Android and Windows applications using existing skills, teams and code. Acuant’s AssureID Connect has also extended its support to MySQL and AWS Aurora databases for companies, providing an on premise deployment choice that is flexible and cost effective.

Additionally, Acuant has recognized the need and request from businesses to safely and securely store customer data without introducing a threat to Personally Identifiable Information (PII). This is accomplished via Acuant’s proprietary data encryption, which is optional to customers, and allows for future use of customer data.

To learn more about Acuant and how to choose leading identity verification solutions, read their white paper: Beyond Machine Learning.

 

About Acuant

Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

Follow Acuant

Twitter: https://twitter.com/acuantcorp
Blog: http://www.acuantcorp.com/blog/
LinkedIn: https://www.linkedin.com/company/acuant
Facebook: https://www.facebook.com/acuantcorp/

PR Contact:

Mike Gallo

Lumina Communications for Acuant Corp

212-239-8594

acuant@luminapr.com

Acuant and eLend Improve Retail Automotive Industry

Retail automotive can be considered the largest “broken industry” in the world, and companies are trying to innovate new solutions that simplify the process of purchasing a car. Anyone who has leased or purchased a new car has despaired at how long it takes to walk out of the dealership with the keys, even when you walk in knowing exactly what you want and how you want to finance it. Auto Trader estimates that consumers can spend 2 hours at the car dealership, and that’s if the buyer’s financing is already set up.

Dealers know that there is a lot of room for improvement in the speed, efficiency, and integration of their sales and financing processes: increasing customer satisfaction means more sales and higher profits. To increase efficiency, dealers have to start gathering and processing data at the initial point of contact. As soon as a potential customer walks into the dealership, reception needs to get that person into the sales queue and verify their license so they are ready for a test drive. Customers are understandably wary about handing their driver’s licenses to a salesperson. To prevent fraud and provide a transparent, relaxed experience, dealerships need a quick, systematic, and professional way to capture and verify ID information as early in the process as possible.

eLEND Solutions, an automotive technology company specializing in online and in-store credit and finance solutions, has incorporated Acuant’s identity verification and automated data entry solutions into its credit application products, thereby streamlining credit check and financing processes for auto dealerships. Acuant’s technology enables customer service representatives to quickly scan a potential customer’s ID card, verify their demographic information, check for history of fraud or other financial red flags, and automatically port all this information into a database. OCR scanning converts information captured from driver’s licenses, passports, and other government-issued IDs into text format, checks the information against DMV and other records, and auto populates applications the dealership uses for CRM, financing, and regulatory compliance.

Scanning and digitizing the data is more accurate than manual entry and reduces keystrokes, staff time, and customer waiting time. The Acuant solutions are cloud based and mobile ready; customer engagement can originate online or on the lot, and can be picked back up from any point if interrupted by the customer. Capturing quality, vetted data at the entry point carries through all back-end processes to positively impact everything from first handshake to final insurance certification.

Feeding verified information into integrated systems connects traditionally siloed processes, and the biggest slowdowns occur in the transition between Sales and F&I. Transforming the sales process to be “customer first” starts with efficient information capture and integration. Streamlining workflow, eliminating redundant processes, and speeding up the transition from Sales to F&I keeps the customer happy and willing to close the deal. With these data-driven tools, dealers can process more transactions per day.

The streamlined, efficient interactions impress customers and leave dealers free to focus on the finer points of customer service, eliminating some of the most painful aspects of the car buying experience- leading to increased Customer Satisfaction Index scores (CSI) and ultimately more sales.

 

 

Download the Acuant + eLEND Case Study Now

Acuant Partners with eLEND to Streamline Automotive Sales Process

LOS ANGELES, May 16, 2017 /PRNewswire/ — Acuant, a leading provider of data capture and authentication solutions, today announced a partnership with eLEND, an automotive technology company, to streamline credit check and financing processes for auto dealerships. eLEND works with more than 3,000 auto dealerships, representing all brands, and is integrated with all major CRM platforms.

Acuant’s AssureID™ and AcuFill™ technology enable dealerships to quickly scan a customer’s ID card, verify demographic information, check for history of fraud or other financial red flags, and automatically port all this information into a database. The integrated technology is proven to reduce the average transaction time by 60 minutes, representing up to a 30% improvement over paper-based, manual entry processes.

“Improving the consumer experience is an enormous challenge facing car dealers today,” said Pete MacInnis, CEO & Founder of eLEND Solutions. “Acuant’s identity verification is a key component of our ID DRIVE product. Our combined solutions are shaving 60 minutes off average transaction times, while increasing sales and profits and improving the consumer’s car buying experience. This is a big deal.  Acuant is a great partner for us.”

With Acuant’s technology, OCR scanning also converts information captured from driver’s licenses, passports, and other government-issued IDs into text format. The system then checks the information against DMV and other records, and auto populates applications the dealership uses for CRM, financing, and regulatory compliance.  eLEND’s platform also offers hard and soft pull credit solutions to automotive retailers.  Combining the two technologies, the driver’s license can triggers a consumer consented pre-qualification with no social security number requirement, jumpstarting the buying process.

“We are excited to work with eLEND to empower auto dealers to bring financing to the front of the sales process,” said Yossi Zekri, President and CEO of Acuant. “Capturing information and verifying potential customers early in the sales engagement process leads to higher closing ratios, a better customer experience, and more profitable deals. Everyone involved benefits when we can cut deal-making time from hours to minutes.”

Acuant solutions are cloud-based and mobile ready, which means customer engagements can originate online or on the lot, and can be picked back up from any point if interrupted by the customer. Capturing quality, vetted data at the entry point carries through all back-end processes to positively impact everything from first handshake to final insurance certification.

For more details on Acuant and eLEND’s use of this industry leading information capture and authentication solution, please visit https://www.acuantcorp.com/case-studies/elend_assureid_idverification/

About Acuant
Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.